Zcash Foundation to Elect 5 Members to ZCAP to Control its 420,000 ZEC ($34M) Treasury
The Zcash Foundation has decided to select a new five-member board for Community Advisory Panel (CAP), who would be responsible for the to look after the deployment of 420,000 ZEC worth $36 million.
The selection of 5 member team would be based on the merit where the foundation would look for those people who have a broader understanding of the Zcash ecosystem and its applications. Zooko Wilcox, the founder of Zcash, said that the five-member team would responsible for managing one of the most significant controllers of the funds in the foreseeable future. He tweeted,
“Whoa! Major news! The Zcash Community Advisory Panel is open to new members! The ZCAP is about to elect the new five-person committee that is going to be the largest controller of funds in the Zcash ecosystem for the foreseeable future.”
CAP is the Zcash-powered community responsible for the governance decision on the Zcash blockchain. However, it is essential to note that the CAP community won’t have any unopposed say in any matter, and they cannot determine any significant technical changes such as a hard fork either.
How did the Idea of a new 5-Member CAP Community Come up?
The decision to bring in a 5-member new governance team arose from the community Zcash governance forum, where many demanded that the ZCash foundation must bring in a new 5-member team for CAP. After this, almost 35 members shared their interest in joining the new board.
After the demand surfaced in the community forum, the Zcash Foundation, along with Electric Coin Company, the Zcash code maintainer agreed upon the community demand. The foundation released an official statement after that which read,
“The Foundation wholeheartedly agrees with this sentiment and believes we can more broadly increase participation legitimately before the September 1 candidacy deadline. We believe opening up the CAP with this process is completely aligned with the community interest, and would result in a more effective and legitimate outcome based on experience similarly collecting community sentiment for the dev fund Zcash Implementation Proposals.”
New members can join the CAP can either participate by an official invite or any member from the existing 62 members from the Community Advisory Panel can join in the new board by September 1.